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Tuna exports to Mexico achieved strong growth

10/06/2022

Benefiting from the CPTPP Agreement and Mexico's increasing import demand for tuna are considered factors that will help Vietnam's tuna exports to this market more favorable.

According to the Association of Seafood Exporters and Producers (VASEP), in the first four months of 2022, Vietnam's tuna exports to Mexico reached USD 5.1 million, an increase of 41% over the same period in 2021. Currently, Mexico is the 13th largest tuna import market of Vietnam.

After the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) took effect, the situation of Vietnam's tuna exports to Mexico has achieved improvement. But due to the negative impact of the Covid-19 pandemic, increased costs such as logistics, gasoline, and transportation have greatly affected tuna exports to this market.

According to the commitments in the CPTPP Agreement, the tariff for frozen tuna meat/fillets of Vietnam code HS0304 of Vietnam to this market will be reduced from 15% (in accordance with MNF) to 0%, which is creating competitive advantage for Vietnam's tuna products compared to products of Asian countries or Ecuador when exporting to this market.

Currently, Mexico is a country with a large tuna production industry. However, the fishing bans in the Eastern Tropical Pacific Ocean fishing grounds of the Inter-American Tropical Tuna Commission (IATTC), the decrease in the catch of the Mexican fleet and the low supply of raw materials from the foreign fleets have increased the need to import raw tuna for canned production of this country. Therefore, recently, Mexico tends to increase imports of steamed tuna loins from Asian countries, including Vietnam.

Benefiting from the CPTPP Agreement and Mexico's increasing import demand for tuna are considered factors that will help Vietnam's tuna exports to this market more favorable.

However, the outbreak of the Covid-19 pandemic has caused sea transportation costs and raw tuna prices to increase, etc. all of which have affected the growth rate of Vietnam's tuna exports to this distant market.

 

Kylie Nguyen

© 2019 Vietnam Bank for Agriculture and Rural Development No. 2 Lang Ha street, Ba Dinh district, Hanoi, Vietnam
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